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14-164-511. Bonds — Trust indenture.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-164-511. Bonds — Trust indenture.
(a) The ordinance or order may provide for the execution by the municipality or county of an indenture which defines the rights of the bondholders and provides for the appointment of a trustee for the bondholders.
(b) The indenture may control the priority between successive issues and may contain any other items, covenants, and conditions that are deemed desirable, including, without limitation, those pertaining to:
(1) The custody and application of the proceeds of the bonds;
(2) The collection and disposition of revenues;
(3) The maintenance of various funds and reserves;
(4) The nature and extent of the security;
(5) The rights, duties, and obligations of the municipality or county and the trustee for the holders or registered owners of the bonds; and
(6) The rights of the holders or registered owners of the bonds.
(c) It shall not be necessary for the municipality or county to publish any indenture, lease, or any other agreement if:
(1) The ordinance authorizing an indenture, the ordinance authorizing a lease, or the ordinance authorizing any other agreement:
(A) Is published as required by the law governing the publication of ordinances of a municipality; and
(B) Advises that a copy of the indenture, lease, or other agreement, as the case may be, is on file in the office of the clerk or recorder of the municipality for inspection by an interested person; and
(2) The copy of the indenture, lease, or other agreement, as the case may be, is filed with the clerk or recorder of the municipality or county clerk.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-164-511
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:14-164-511
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: f0ed969a575e5c7038f3d9c81cb7e2dfc326403b01367ac7a934592201f3d178
Source location: content.xml paragraph 38282
Stored source content
14-164-511. Bonds — Trust indenture.
(a) The ordinance or order may provide for the execution by the municipality or county of an indenture which defines the rights of the bondholders and provides for the appointment of a trustee for the bondholders.
(b) The indenture may control the priority between successive issues and may contain any other items, covenants, and conditions that are deemed desirable, including, without limitation, those pertaining to:
(1) The custody and application of the proceeds of the bonds;
(2) The collection and disposition of revenues;
(3) The maintenance of various funds and reserves;
(4) The nature and extent of the security;
(5) The rights, duties, and obligations of the municipality or county and the trustee for the holders or registered owners of the bonds; and
(6) The rights of the holders or registered owners of the bonds.
(c) It shall not be necessary for the municipality or county to publish any indenture, lease, or any other agreement if:
(1) The ordinance authorizing an indenture, the ordinance authorizing a lease, or the ordinance authorizing any other agreement:
(A) Is published as required by the law governing the publication of ordinances of a municipality; and
(B) Advises that a copy of the indenture, lease, or other agreement, as the case may be, is on file in the office of the clerk or recorder of the municipality for inspection by an interested person; and
(2) The copy of the indenture, lease, or other agreement, as the case may be, is filed with the clerk or recorder of the municipality or county clerk.
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